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Tradeshift and kompany Announce Strategic App Solution on Tradeshift Platform for Supplier Network Verification

Agreement focuses on cross-border supplier verification, sanctions checking and monitoring and audit-proof company information.
November 1, 2018 09:00 AM Eastern Daylight Time

Tradeshift and kompany Announce Strategic App Solution on Tradeshift Platform for Supplier Network Verification

Agreement focuses on cross-border supplier verification, sanctions checking and monitoring and audit-proof company information.

SAN FRANCISCO – October 31, 2018, 9AM ESTTradeshift, the leader in supply chain payments and marketplaces, announced a new app solution from Kompany to reduce supply chain risk. The new app integrates and automates services related to know-your-customer (Business KYC), anti-money laundering (AML), and enhanced due-diligence (EDD) capabilities.

The app solution focuses on enhancing the level of trust for Tradeshift’s network participants by strengthening cross-border supplier verification capabilities, integrating sanctions checking and monitoring, and audit-proof company information.

“kompany is the leading RegTech platform for Business KYC,” commented Christian Lanng, CEO at Tradeshift. “By blending their automation and AI capabilities with Tradeshift’s commerce platform, we are able to automate regulatory compliance, reduce compliance costs, and elevate our architecture’s competitive advantage. It’s a substantive enhancement for our platform and network.”

Tradeshift can provide instant access to mission-critical company information from more than 150 jurisdictions worldwide with kompany’s new Tradeshift app. The audit-proof information is retrieved live from primary sources; and time-stamped so the data integrity is guaranteed. The primary sources include commercial and government registers and the information is free of modification. The result is increased data transparency and reliability supporting improved operational efficiency.

“kompany’s global and real-time coverage goes beyond 100 million companies,” said Russell E. Perry, CEO and Founder of kompany. “Our partnership with Tradeshift shows how the benefits of kompany’s RegTech platform can be utilized in the supply chain today. There is no industry segment which does not require audit-proof company information for compliance. With this large-scale deployment into Tradeshift’s network, we bring advanced KYC capabilities directly to their global clients.”

kompany capabilities integrated into the Tradeshift commerce platform will focus on supplier onboarding, and advanced supplier monitoring. Specifics to follow:

Supplier onboarding:

  • Real-time supplier verification
  • Automated data population and profile extension
  • Sanctions, Politically Exposed Persons (PEP), and adverse media checks

Data verification:

  • Supplier master-data verification and cleansing
  • Underlying audit-proof evidence available for regulated companies
  • Depth of data to meet client needs
  • Audit-proof evidence

Advanced supplier monitoring:

  • Monitoring and alerting services
  • Automated checks based on defined business rules

About kompany

kompany provides real-time access to audit-proof commercial register data, including company filings covering more than 100 million companies in 150+ jurisdictions for customer onboarding (Business KYC), anti-money laundering (AML), enhanced due diligence (EDD) and ongoing compliance processes. Furthermore, kompany provides additional services such as translations of official documents, access to PEP & sanctions lists and a range of customized solutions (e.g. enhanced VAT number validation). kompany is a commercial register government clearing house and an official distributor of the European Business Register and local commercial registers worldwide.

For media enquiries email pr@kompany.com

 

Tradeshift Press Contact

Dave Pedersen

pr@tradeshift.com

About Tradeshift

Tradeshift drives supply chain innovation for the digitally connected economy. As the leader in supply chain payments and marketplaces, the company helps buyers and suppliers digitize all their trade transactions, collaborate on every process, and connect with any supply chain app. More than 1.5 million companies across 190 countries trust Tradeshift to process over half a trillion USD in transaction value, making it the largest global business network for buying and selling. Discover commerce for all at tradeshift.com

Press questions? Contact us.

Press questions headshot | Tradeshift

Dave Pedersen

Director of Communications

pr@tradeshift.com